Income Tax reliefs:
- No tax for those whose taxable income is less than Rs 5 lakh
- Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class
Tax exemptions on investments:
- Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
- TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh
- Interest income up to Rs 40,000 in post offices and banks made tax free
- Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. Capital gains exemption to be available on 2 house properties
Other tax related reliefs:
- Income Tax returns to be processed within 24 hours and refunds will be paid immediately.
- Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymity tax system without any intervention by officials
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